Davie, Florida is a popular place to buy a home. It is a short distance from Fort Lauderdale and Miami and close to world-class sports venues, shopping malls, and airports. Several nationally known colleges, technical institutes, and universities are located in Davie; it is also home to the Miami Dolphins who practice in Davie daily.
Homebuyers looking to secure a mortgage in Davie face a few hurdles these days. Mortgage rates are going up. There are fewer homes available, and there is a lot of competition among buyers for the homes that are for sale.
Let Ace Mortgage Loan Corporation help you secure a mortgage in Davie
Here are a few factors that can have more impact on your mortgage payment than interest rates:
Credit score
How good is your credit? Homebuyers with high credit scores receive better rates. You need a credit score of at least 740 to get the best rate from lenders. If your score is lower than you would like it to be, start making improvements to raise your credit score.
Home Price
A bigger house means bigger payments. If you need to cut back on costs, try choosing a less expensive home even if it means compromising on size or on some of the features you want.
Down payment
You do not need a 20 percent down payment to purchase a home, but if you do, you will not have to pay private mortgage insurance (PMI), which protects the lender if you default. PMI can add up to $70 for every $100,000 borrowed to your monthly payment.
Closing costs
Not all lenders and closing agents charge the same amount. It pays to shop around for the best deals on closing costs.
If you are looking for a mortgage in Davie, let our experienced home loan experts guide you through all aspects of the purchasing process. Working with a knowledgeable mortgage company is important because you want to get the best possible loan for your situation. Call the home loan professionals at Ace Mortgage Loan Corporation today for more information.